CORPORATE GOVERNANCE

Internal control and Audit

Internal control

The board of directors is responsible for the group’s systems of internal control. Effective internal control systems have been implemented and are continuously evaluated:

to provide reasonable assurance as to the integrity and reliability of the financial statements;
to safeguard, verify and maintain accountability of its assets;
to detect and minimise fraud, potential liability, loss and material misstatement; and
to review compliance with applicable legislation and regulations

The internal control systems are governed by a comprehensive internal control standards manual that is available to all staff via our intranet. Compliance with these standards rests within each division and is monitored by internal and external audit checks.

Internal audit

The internal audit department carries out an independent appraisal and assurance function. Although it is responsible to the group’s Financial Director for administrative matters, it reports to the audit committee and the risk committee of the board. This structure does not impair the function’s independence or objectivity. An internal audit charter, approved by the audit committee and conforming to the International Standards for the Professional Practice of Internal Auditing, determines the mission and scope of the function.